EUR/USD today: the euro remains under pressure
On Friday trades, the EUR/USD pair accelerated the decline after the moderate opening of the day. The reason for the sale of the euro was the weak data on business activity in the eurozone. In addition, one more factor for reduce the euro was the growth of negative sentiment in the market and the preservation of pessimism after the speech of the ECB President.
Events for today:
- 15:30 – data on retail sales in the United States.
- 16:15 – data on industrial production in the United States.
- 16:45 – data on business activity in the United States.
- 17:00 – business inventories (m/m) (October) in the United States.
- 20:00 – number of Baker Hughes oil rigs in the United States, previous value 877.
In addition to the published data, the day is full of statistics, which will continue to promote volatile trading on the market. It is also worth noting the Saturday speech of the ECB President Draghi, which may cause the formation of price gaps early next week.
EUR/USD pair remains oversold after the decline, but as long as the negative dynamics of stock indices can be traced on the stock markets, we should not expect a correction. Influencing the mood of the market can upcoming statistics for the United States. In this situation, we can expect a moderate movement in the side trend from 1.1270 to 1.1320. In the case of weak statistics in the US or an increase in optimism, a pullback to resistance levels of 1.1340-60 is possible. Significant support is located at levels: 1.1270 and 1.1250.
Hanzenko Anton
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